ICO For Lending Platform "MoneyToken" Ends In Two DaysJun 5, 2018, 10:00AM
MoneyToken is an upcoming lending platform that turns crypto assets into liquidated, spendable funds. Will it be an alternative to exchanges?
The ICO for MoneyToken, an upcoming blockchain-based lending and exchange platform, is set to end on June 6th. The IMT token is currently being sold, but the actual MoneyToken coin (MTC) will be a stablecoin, meaning that it is intended to stay at a constant price and neither gain nor lose value. All this is meant to make it easier to turn crypto holdings into spendable liquid assets.
The project is in good company as far as rallying for usability is concerned, as Roger Ver the founder of Bitcoin.com, is on board as an adviser. Ver gained fame as an early investor in Bitcoin businesses, and earned the nickname "Bitcoin Jesus" for proselytizing on behalf of the cryptocurrency's adoption. He now advocates for the adoption of Bitcoin Cash.
The upcoming MoneyToken platform will serve as a combination of a money lender and a decentralized exchange. The criticism against cryptocurrency often concerns its impracticality, as it is inconvenient to constantly buy and sell cryptocurrency due to high exchange fees. MoneyToken plans to solve this problem by lending money to users based on their crypto holdings.
As dissatisfaction with exchanges grows amongst investors, new ways of liquidating cryptocurrency are in high demand. Centralized exchanges are prone to hacks and theft, and often require extensive ID verification. Decentralized exchanges are more secure and anonymous, but are inefficient due to their dependence on peer traders actively using the site. If MoneyToken's lending model is a success, cryptocurrency might just become more spendable than ever before.
Disclaimer: information contained herein is provided without considering your personal circumstances, therefore should not be construed as financial advice, investment recommendation or an offer of, or solicitation for, any transactions in cryptocurrencies.